Free & Paid Equity Research Resources

Updated: Aug 2

The almost comprehensive list


The best tools for stock research…all in one place. Customers, investors and friends often ask us about the best available tools and resources. We created this list to help make good software more “findable”. The list will be updated bi-annually.


We’ve collected lists of tools in the following categories:

  • Forensic research

  • Market & financial analysis

  • Full service

  • Expert call aggregators

  • Insider trading & institutional ownership

  • SEC filing search & analysis

  • Research & news aggregators

  • Financial APIs

  • Quant platforms

Do you know of an awesome tool that should be added to our list? Our Twitter DMs are open. Let us know!

Find your new favourite investing resource below Herb Greenberg’s picks.


 

Herb Greenberg’s Top Picks:


Herb is a legend. You might know him from his time at CNBC, his work at Pacific Square Research or from the multiple frauds he’s uncovered. You can now find Herb at Empire Research where he writes a monthly newsletter.


We asked Herb about his favourite equity research tools on this list. Here they are his top picks:

  • Sentieo: Herb uses Sentieo “aggressively” to compare / search filings, transcripts, etc. It’s his main paid research tool and he’s on it constantly. “Easily the most valuable tool I have.”

  • Seeking Alpha premium: Herb likes Seeking Alpha for the quick data tools and bull/bear ideas as a “first level sweep” of other opinions if he is researching an idea. He says that the secret is to read the comments under the analysis.

  • PACER: Herb uses PACER for legal analysis. “This is research 101, and is ridiculously cheap.”

  • Yahoo! Finance: It’s a classic and a habit that’s hard to quit, especially for fast charts, according to Herb.

  • WhaleWisdom: Herb uses WhaleWisdom to figure out who’s coming into and out of positions in stocks of interest. “There’s a surprising amount here for free, which I shouldn’t say…because now they’ll start charging for it.”

  • Kailash Concepts: According to Herb, Kailash has fantastic quant tools and innovative research.

  • New Constructs: Herb loves the quant tools. He notes, “the free research is out-of-the box. I’ve trialed the paid service and would keep it in the mix if I could afford it.”

  • Bedrock AI: “Bedrock AI is a brilliant screening tool to help QUICKLY sift through filings to help avoid or spot unpleasant surprises in longs while helping to jumpstart the process of finding shorts. It has rapidly become a valuable part of my toolbox.”


 

Forensic resources


These free and paid tools help you find the shady stuff. Whether it’s outstanding litigation, previous regulatory enforcement or murky corporate relationships, these resources will help you figure out what’s really going on.


Free/Freemium


ICIJ (International Consortium of Investigative Journalists) - Offshore Leaks Database - ICIJ runs a searchable public database of offshore leaks so you can check mentions in the Panama Papers, Paradise Papers, Bahamas Leaks, and more.


Open Corporates - Corporate structure can be complex, and organization charts often aren’t public. The Open Corporates database is useful to ascertain ownership and corporate structure.


Open Payments - Open Payments allows you to search for payments made by drug and medical device companies to physicians and teaching hospitals. The site is hosted by the U.S. federal government.


Good Jobs First’s Violation Tracker - The Violation Tracker brings together enforcement data obtained from more than 200 federal, state, and local regulatory agencies - with a company lookup and search tool.


FINRA (Financial Industry Regulatory Authority) - Broker Lookup - The broker lookup tool allows you to look up brokers by individual and by firm, so you can check if firms are registered to sell securities, offer investment advice, or both. You can also check on any regulatory actions and complaints.


FTC (Federal Trade Commission) - Enforcement - Access proceedings for ongoing cases, review FTC complaints, ongoing proceedings, and any decisions/orders.


PACER (Public Access to Court Electronics Records) - Pacer provides free/low cost access to case information. Technically they charge $0.10 per page, but they’ll waive fees for anyone incurring less than $30 per quarter (300 pages).


Stanford Law School - Securities Class Action Clearinghouse - This great tool allows you to track class action filings and settlements, and has a searchable filings database.


PCAOB (Public Company Account Oversight Board) - Auditor search - The PCAOB is responsible for ‘auditing the auditors’. Their search tool allows you to search by company, audit firm, and audit partner.

*Note that Bedrock AI provides audit partner relationship mapping and Risk Scoring using the PCAOB database


FOIA (Freedom of Information Act) - If you’ve hit a wall in your research, you can request non-public information from relevant government agencies. Unless an exemption applies, they’re required to provide information. This isn’t always fast, but can be powerful. Here is an example of how someone used an FOIA request to see the status of a whistleblower allegation against Tesla.


SPAC Research (SPAC Alpha) - This is a great tool for keeping track of SPACs and SPAC mergers. We’re aware that including this tool in the “forensic” list is controversial.


Paid


Bedrock AI - Bedrock extracts qualitative content from securities filings that is predictive of forensic risks like fraud and earnings management. Bedrock serves analysis in real-time through a web application.


InsiderScore - InsiderScore provides insider trading, institutional ownership and stock buyback information and other data/analytics services.


Probes Reporter - Probes provides alerts on undisclosed SEC probes and analysis of disclosed investigations. They make 2,500 FOIA requests and hundreds of appeals each year so that you don’t have to.


Full service research tools


The following tools provide access to both financial and market data as well as SEC filings and news.


Free and freemium


EDGAR - Company-reported financial and transactional data is reported to the SEC through the Electronic Data through the Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”). You can find full financials, XBRL metadata, insider transaction information, prospectuses and more. EDGAR also provides full-text search. EDGAR is free but not trivial to scrape. Refer to the Financial APIs section for programmatic resources.


Docoh - We love Docoh. Docoh has financial data, SEC filing search, earnings transcripts, market news, stock alerts and charting. It’s all free and has a great user interface.


TIKR - TIKR provides financial tools like a stock screener, financial statements analysis, stock valuation metrics, ratios, charts, news, and filings.


Koyfin - Koyfin is similar to TIKR in many ways. It provides market data, filings, news, charting etc.

FINVIZ - FINVIZ includes financial news, market heat maps, comparative charts, and sector performance tools.


TradingView - TradingView is a stock charting tool with other features including alerts, heat maps, and trading simulations. It also has a stock screener.


Tiingo - Tiingo offers free screening and portfolio monitoring. Tiingo is best known for their API.


Paid


Bloomberg - The Bloomberg terminal provides financial and market data, news feeds, messaging, and trade execution services.


S&P Capital IQ - S&P Capital IQ provides more or less everything Bloomberg does without the execution services or messaging. CapIQ has more private company data and often better fundamentals data quality.


FactSet - FactSet consolidates data on global markets, public and private companies, and equity and fixed-income portfolios. FactSet has limited Canadian coverage.


Eikon - Refinitiv Eikon provides news and data services via an “open-technology” platform. Eikon has exclusive access to Reuters news.


AlphaSense - AlphaSense is a market intelligence platform focused on smart search. AlphaSense facilitates search of filings, transcripts, news and equity research.


Market & financial analysis


iBorrowDesk - iBorrow Desk is a tool for monitoring borrow rates and availability using Interactive Broker's freely available data.


Short Squeeze - ShortSqueeze provides short interest data and related services.


YAHOO Finance - Yahoo Finance is a classic. It provides free real-time and historical stock quotes and charting, news etc.


ROIC - ROIC provides 30 years of financial data and news feed on 7,000 companies. ROIC is free.

Most tools under “Full service research tools” also have market and financial data.

 

Free & Paid Equity Research Resources - Part II


Insider trading & institutional ownership

These tools help you track when insiders trade and/or what stocks institutions are buying and selling.


Free/Freemium


Open Insider - View insider transactions, including the insider’s name and title as well as price and quantity of the purchase/sale.


Whale Wisdom - WhaleWisdom facilitates analysis and tracking of the portfolios of investment funds using 13-F filings.


Dataroma - Screen for real-time insider transactions here. Dataroma also provides 13-F data and analysis for free, with ads.


EDGAR - EDGAR provides insider trading information on each company’s landing page under the “Classic Version” of EDGAR e.g. Tesla insider transactions and Elon Musk's transactions.


FINVIZ - Insider transactions - FINVIZ provides a feed of insider transactions.


Paid


InsiderScore (Verity) - InsiderScore provides high quality, human-reviewed data on insider transactions and more.


BamSEC - BamSEC provides basic insider trading data.


Expert call aggregators


Many investors rely on expert calls to better understand what’s really going on under-the-hood at public companies.


Tegus - The Tegus database is a smart-searchable platform of peer-led expert call transcripts by investors for investors. Tegus now comes bundled with BamSEC.


Stream (AlphaSense) - Stream is a library of transcripts and one-on-one calls with former executives, customers, competitors, and channel participants.


SEC filing search & analysis


The following tools facilitate research involving SEC filings.


Free/Freemium


SEC EDGAR Full Text Search - EDGAR offers free full text search of the full EDGAR database.


SEC Report - SEC Report is in many ways a copy of EDGAR. One cool thing about SEC Report, however, is that they report U.S. senator trading here.


Dudil - Dudil writes company-specific articles about red flags found in securities filings


Paid


Bedrock AI - Bedrock is an equity research platform that uses language models to extract qualitative red flags from securities filings and predict fraud.


AlphaSense - AlphaSense is a market intelligence platform focused on “smart search”. AlphaSense facilitates search of filings, transcripts, news and equity research.


Sentieo (AlphaSense) - Sentieo provides smart search for filings and other market information as well as table extraction and transcript analysis.


DisclosureNet (Certent) - DisclosureNet facilitates filings search for U.S. and Canadian filings. DisclosureNet is a lifesaver for anyone attempting to use SEDAR.


inFilings (Verity) - inFilings specialises in SEC filings, investment ideas generation, and data mining services.


280First - 280First analyzes unstructured financial data.


New Constructs - New Constructs uses a combined machine learned and human approach to identify items in footnotes etc. that are relevant to assessing earnings quality. New Constructs provides research, ratings and fundamentals datasets.


BamSEC - BamSEC is a search engine and data extraction tool that focuses on SEC filings and earnings transcripts. Watch out for the 7 day trial. If you forget to cancel before the 7 days is up, they will not give refunds on the ~$1K annual fee.


Draftable - Draftable provides blacklines/redlines for both PDFs and word documents and gets good reviews.


SEC correspondence


The SEC’s Corporate Finance Division frequently sends letters asking for clarification on or requiring changes to a company’s disclosure. This correspondence between the company and the SEC is eventually made public on EDGAR.


Free


EDGAR - SEC correspondence can be found via a company’s EDGAR page. Look for “UPLOAD” and “CORRESP” filing types.


Paid


Bedrock AI - Bedrock AI provides a unique service whereby SEC comment letter information is extracted from the PDF and presented in an easily readable format, allowing users to identify interesting commentary without downloading PDFs. Unlike EDGAR, Bedrock sorts SEC comment letters by the date the correspondence was made public, and not the original filing date.


SEC correspondence can also be accessed through a Bloomberg Terminal and other full service research tools.


Research/news aggregators and online communities


These tools help bring together equity research, analysis and news in one place.


Harkster - Harkster makes it easy to keep track of all the financial substacks and newsletters. You can view topic-specific newsletter feeds.


Commonstock - Commonstock is an online investing community that amplifies insights from top investors, backed by the performance and portfolio in their linked brokerage accounts.


Seeking Alpha - Seeking Alpha is a large online investing community. Professional and amateur investors and analysts share new investing ideas, discuss the latest news, debate the merits of stocks etc.


Value Investors Club - Value Investors Club is an invite-only online community for discussing stock ideas.


SumZero - SumZero is an online community of 16,000+ buy-side professionals. Members are pre-screened before being admitted.


StockTwits - StockTwits is a social media platform designed for sharing ideas between investors, traders, and entrepreneurs.


Financial news aggregators:


The Fly on the Wall - The Fly consolidates and distributes financial news.


Bedrock AI - Bedrock AI provides real-time, AI generated news sourced directly from SEC filings. See high-impact news before it hits the news.


Emerging Markets Skeptic - News aggregation for emerging markets.


Dudil - Dudil writes company-specific articles about red flags found in securities filings


Benzinga - Benzinga is a financial news aggregator and distributor. They are well known for their APIs.


Financial APIs


Do you prefer to take an algorithmic approach to trading or investing? The following APIs provide stock price, fundamentals and/or other financial data.


SEC API - SEC API allows you to query the SEC filings corpus in real-time, download filings, access historical metadata etc. EDGAR is no longer very “scrapable” so you can’t replicate the SEC API on your own. SEC API is not affiliated with the Securities Exchange Commission.


Nasdaq Data Link (formerly Quandl) - Quandl provides great APIs for a wide variety of data products, including traditional and alternative data sources.


Aspose - Aspose provides .NET, Java, C++ and Python APIs for XBRL processing/creation as well as PDF processing and table extraction.


Services that provide stock price and fundamentals data via API include:

Quant platforms


QuantRocket - QuantRocket is a Python-based platform for developing automated quantitative trading strategies. It provides data collection tools, a research environment, multiple backtesters, and live and paper trading through Interactive Brokers (IB).


We’re still working on this list….DM us your favourites!












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These free and paid tools help you find the shady stuff at public companies. Whether it’s outstanding litigation, previous regulatory enforcement or murky corporate relationships, these resources will